General overview for 02/05/2014 07:30 CET
The market is trading in an intraday range zone between the levels of 141.75 and 142.00, but the overall bias is bearish. However, the current wave progression looks like the correction in wave (ii) green has not been finished yet and it might evolve into more complex and time consuming cycle. This means the risk of immediate impulsive wave progression has been decreased and now only a range breakout will be next clue about further wave development.
Support/Resistance:
142.50 - Wave 2 green Top
141.41 - WR2
142.14 - Invalidation Line
142.00 - Intraday Resistance
141.75 - 142.00 - Daily Range Zone
141.75 - Intraday Support
141.45 - Weekly Pivot
Trading recommendations:
Daytraders could try to catch some pips scalping this market if they open a sell stop order from the level of 141.73 with SL above the level of 141.00 and TP at the level of 141.45.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/JPY for May 2, 2014 . Thanks for your support on Technical analysis of EUR/JPY for May 2, 2014
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